DWS Global/international Fund NPORT-P DWS RREEF Global Infrastructure Fund (Mar 2020 report)

Investment Portfolio as of March 31, 2020 (Unaudited)

DWS RREEF Global Infrastructure Fund

		Shares			Value ($)
Common Stocks 98.6%
Argentina 0.1%
Corp. America Airports SA* (a) (Cost $7,175,865)	423,330				783,161
Australia 2.8%
Sydney Airport (Units)	1,682,908				5,777,833
Transurban Group (Units)	3,651,975				26,919,099
(Cost $45,494,956)					32,696,932
Canada 11.8%
Enbridge, Inc.	1,412,476				41,130,723
Hydro One Ltd. 144A	516,507				9,300,283
Keyera Corp. (a)	21,002				195,201
TC Energy Corp. (a)	1,959,225				87,081,307
(Cost $134,664,631)					137,707,514
China 4.6%
China Tower Corp., Ltd. "H", 144A	123,820,000				27,776,327
ENN Energy Holdings Ltd.	2,620,509				25,273,200
(Cost $45,282,597)					53,049,527
Denmark 1.2%
Orsted AS 144A  (Cost $8,671,571)	145,108				14,169,429
France 3.6%
Aeroports de Paris	22,117				2,129,078
Getlink SE	1,034,506				12,500,799
VINCI SA	335,731				27,785,892
(Cost $44,362,372)					42,415,769
Italy 1.4%
Terna Rete Elettrica Nazionale SpA  (Cost $15,246,434)	2,656,227				16,866,525
Japan 1.6%
Japan Airport Terminal Co., Ltd. (a)	153,500				5,925,688
Tokyo Gas Co., Ltd.	514,800				12,224,206
(Cost $18,947,939)					18,149,894
Luxembourg 0.3%
SES SA  (Cost $11,258,670)	610,405				3,575,397
Mexico 0.3%
Grupo Aeroportuario del Pacifico SAB de CV (ADR)  (Cost $3,159,868)	63,196				3,408,792
Netherlands 2.5%
Koninklijke Vopak NV  (Cost $25,934,471)	557,180				28,694,122
New Zealand 0.5%
Auckland International Airport Ltd.  (Cost $8,431,554)	1,868,097				5,498,548
Spain 7.7%
Aena SME SA 144A	44,004				4,810,458
Cellnex Telecom SA 144A	927,305				42,244,137
Ferrovial SA	1,799,178				43,161,264
(Cost $56,399,970)					90,215,859
United Kingdom 9.1%
National Grid PLC	6,445,678				75,399,592
Severn Trent PLC	1,100,958				31,135,135
(Cost $102,003,438)					106,534,727
United States 51.1%
American Tower Corp. (REIT)	488,027				106,267,879
American Water Works Co., Inc.	165,812				19,824,483
Atmos Energy Corp.	154,274				15,308,609
CenterPoint Energy, Inc.	1,273,539				19,676,178
Cheniere Energy, Inc.*	1,027,119				34,408,486
Consolidated Edison, Inc.	196,004				15,288,312
Crown Castle International Corp. (REIT)	840,309				121,340,620
Edison International	576,263				31,573,450
Eversource Energy	656,425				51,338,999
FirstEnergy Corp.	694,234				27,817,956
NiSource, Inc.	1,483,012				37,030,810
SBA Communications Corp. (REIT)	22,841				6,166,385
Sempra Energy	604,296				68,279,405
Targa Resources Corp.	279,742				1,933,017
Williams Companies, Inc.	2,772,689				39,233,549
(Cost $466,452,441)					595,488,138
Total Common Stocks (Cost $993,486,777)			1,149,254,334
Master Limited Partnership 0.2%
United States
Enterprise Products Partners LP  (Cost $3,530,747)	122,620				1,753,466
Total Master Limited Partnerships (Cost $3,530,747)			1,753,466
Infrastructure Investment Trusts 0.1%
India
IRB InvIT Fund (Units), 144A  (Cost $7,278,435)	4,815,000				1,629,009
Infrastructure Investment Trusts (Cost $7,278,435)			1,629,009
Securities Lending Collateral 2.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.33% (b) (c) (Cost $23,465,160)	23,465,160				23,465,160
Cash Equivalents 1.2%
DWS Central Cash Management Government Fund, 0.32% (b) (Cost $13,654,959)	13,654,959				13,654,959
		% of Net Assets			Value ($)
Total Investment Portfolio (Cost $1,041,416,078)	102.1			1,189,756,928
Other Assets and Liabilities, Net	(2.1)			(24,131,774)
Net Assets	100.0			1,165,625,154

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

A summary of the Fund's transactions with affiliated investments during the period ended March 31, 2020 are as follows:

Value ($) at         12/31/2019	Purchases Cost ($)	Sales Proceeds ($)	Net Realized Gain/ (Loss) ($)	Net Change in Unrealized Appreci- ation (Deprecia- tion) ($)	Income ($)	Capital Gain Distribu- tions ($)	Number of Shares at 3/31/2020	Value ($) at 3/31/2020
Securities Lending Collateral 2.0%
DWS Government & Agency Securities Portfolio "DWS Government Cash Institutional Shares", 0.33% (b) (c)
91,679,156	—	68,213,996 (d)	—	—	24,290	—	23,465,160	23,465,160
Cash Equivalents 1.2%
DWS Central Cash Management Government Fund, 0.32% (b)
—	79,418,254	65,763,295	—	—	19,965	—	13,654,959	13,654,959
91,679,156	79,418,254	133,977,291	—	—	44,255	—	37,120,119	37,120,119

*	Non-income producing security.
(a)	All or a portion of these securities were on loan. In addition, "Other Assets and Liabilities, Net" may include pending sales that are also on loan. The value of securities loaned at March 31, 2020 amounted to $24,018,717, which is 2.1% of net assets.
(b)	Affiliated fund managed by DWS Investment Management Americas, Inc.  The rate shown is the annualized seven-day yield at period end.
(c)	Represents cash collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
(d)	Represents the net increase (purchase cost) or decrease (sales proceeds) in the amount invested in cash collateral for the period ended March 31, 2020.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
ADR: American Depositary Receipt
REIT: Real Estate Investment Trust
At March 31, 2020 the DWS RREEF Global Infrastructure Fund had the following sector diversification:

Sector Diversification	Market Value ($)	As a % of Investment Portfolio excluding Securities Lending Collateral and Cash Equivalents
Utilities	470,506,572		41	%
Energy	234,429,871		20	%
Real Estate	233,774,884		20	%
Industrials	140,329,621		12	%
Communication Services	73,595,861		7	%
Total	1,152,636,809		100	%
Sector diversification is subject to change.

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of March 31, 2020 in valuing the Fund's investments.

Assets			Level 1		Level 2		Level 3		Total
Common Stocks
	Argentina	$	783,161	$	—	$	—	$	783,161
	Australia		—		32,696,932		—		32,696,932
	Canada		137,707,514		—		—		137,707,514
	China		—		53,049,527		—		53,049,527
	Denmark		—		14,169,429		—		14,169,429
	France		—		42,415,769		—		42,415,769
	Italy		—		16,866,525		—		16,866,525
	Japan		—		18,149,894		—		18,149,894
	Luxembourg		—		3,575,397		—		3,575,397
	Mexico		3,408,792		—		—		3,408,792
	Netherlands		—		28,694,122		—		28,694,122
	New Zealand		—		5,498,548		—		5,498,548
	Spain		—		90,215,859		—		90,215,859
	United Kingdom		—		106,534,727		—		106,534,727
	United States		595,488,138		—		—		595,488,138
Master Limited Partnership			1,753,466		—		—		1,753,466
Infrastructure Investment Trusts			—		1,629,009		—		1,629,009
Short-Term Investments(e)			37,120,119		—		—		37,120,119
Total		$	776,261,190	$	413,495,738	$	—	$	1,189,756,928

(e) See Investment Portfolio for additional detailed categorizations.